Credit Suisse shares dove 63 percent in early trading Monday to a new low after it was announced that UBS would buy the troubled bank in a multi-billion-dollar deal backstopped by a Swiss central bank $100 billion emergency credit line. Shares of Credit Suisse clawed back some of the initial losses Monday morning and at…
Credit Suisse Shares Crash to Record Low After Emergency Takeover
March 20, 2023
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Business & MarketsCredit Suisseeconomic policieseconomyEuropeInternationalInvestmentMarketsstocksUBSWorld
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UK Financial System ‘Safe and Sound,’ Central Bank Says After Credit Suisse Deal
March 20, 2023
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Bank of EnglandBusiness & MarketsCompaniesCredit Suisseeconomic policieseconomyEuropeJeremy HuntMarketsSilicon Valley BankUKWorld
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Britain’s central bank has said the UK financial system remains “safe and sound” as it seeks to calm fears after the Swiss government mediated the merger between the country’s two largest banks to save Credit Suisse from collapse. Swiss investment banking company UBS announced on Sunday evening it will purchase its rival Credit Suisse in…
Oil Hits Lowest Since 2021 on Banking Fears
March 20, 2023
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil prices fell on Monday to their lowest in 15 months on concern that risks in the global banking sector and a potential increase to U.S. interest rates could spark a recession that would sap fuel demand. In volatile trading, Brent crude futures for May fell $2.07, or 2.8 percent, to $70.90 a barrel at…
Global Stocks Sink After Credit Suisse Takeover
March 20, 2023
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BEIJING—Global stock markets sank Monday after Swiss authorities arranged the takeover of troubled Credit Suisse amid fears of a global banking crisis ahead of a Federal Reserve meeting to decide on more possible interest rate hikes. Hong Kong’s main index slid 2.7 percent. London, Frankfurt, and Paris opened down more than 1 percent. Shanghai, Tokyo,…
The Swiss Banking Sector: More Holes than Swiss Cheese
March 20, 2023
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Commentary When someone says Switzerland, you might think of clocks and banks. All because of the country’s reputation for producing a high-quality products in all these areas of endeavour. Well, it’s time to think again as the clock is ticking, if not tocked, on Switzerland’s banking sector. Credit Suisse, which had an enviable reputation as…
New York Community Bank Subsidiary to Buy Failed Signature Bank in $2.7 Billion Deal
March 20, 2023
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Business & MarketsCompanieseconomyFDICMarketsNew York Community BankSignature BankSilicon Valley BankUSUS News
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A subsidiary of New York Community Bank will purchase a significant portion of failed Signature Bank under a $2.7 billion deal with U.S. regulators, the Federal Deposit Insurance Corporation (FDIC) announced on March 19. The FDIC, an independent agency created by Congress to maintain a stable financial system, said that Sunday’s deal will see the 40 former branches of New…
Traders Keep to Bets Fed Will Raise Interest Rates by 25 Bps This Week
Traders of futures tied to the Federal Reserve’s policy rate have stuck to their bets of a quarter percentage point interest rate hike this week. It caps a tumultuous week in which money market pricing experienced wild swings, with predictions of a 50 basis point move jettisoned after the collapse of two large regional U.S….
Federal Reserve Collaborates With Other Central Banks to Establish Liquidity Measures
March 19, 2023
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Asia & PacificBank of JapanBusiness & MarketsCanadaeconomic policieseconomyEuropeMarketsSwiss National BankU.S. Federal ReserveUSWorld
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The U.S. Federal Reserve announced on Sunday that it is collaborating with some of the world’s largest central banks to enhance liquidity provision by strengthening the standing of U.S. dollar liquidity swap line arrangements. The central banks will increase the frequency of seven-day maturity operations from weekly to daily to improve the effectiveness of the…
Federal Reserve, Other Central Banks Announce Joint Liquidity Measures
March 19, 2023
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Asia & PacificBank of JapanBusiness & MarketsCanadaeconomic policieseconomyEuropeMarketsSwiss National BankU.S. Federal ReserveUSWorld
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The U.S. Federal Reserve announced on Sunday that it is collaborating with some of the world’s largest central banks to enhance liquidity provision by strengthening the standing of U.S. dollar liquidity swap line arrangements. The central banks will increase the frequency of seven-day maturity operations from weekly to daily to improve the effectiveness of the…
Swiss Government: UBS to Take Over Credit Suisse for More Than $3 Billion
Investment banking company UBS has agreed to purchase its rival Credit Suisse in a deal worth more than $3 billion after the Swiss government mediated the merger between the country’s two largest banks to avoid chaos in the financial markets before March 20. The announcement came after government officials had been scrambling for several days…
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